The government got over ₹3,800 crore from the sale of shares in Axis Bank. With this, proceeds from the disinvestment during the current fiscal have reached ₹8,383 crore as against the estimate of ₹65,000 crore.
“The government has received about ₹3,839 crore from the sale of Axis Bank shares held by SUUTI (Specified Undertaking of the Unit Trust of India),” a tweet by Tuhin Kanta Pandey, Secretary in the Department of Investment and Public Asset Management (DIPAM), said.
On November 9, SUUTI, under the Union government, said it plans to sell 4.65 crore shares, representing a 1.55 per cent stake in Axis Bank.
With the sale, the government would completely exit the private sector lender. As of September 2022, the SUUTI held 4,65,34,903 shares, representing a 1.55 per cent stake in the bank. In May last year, the government sold a 1.95 per cent stake in Axis Bank held through SUUTI for a consideration of about ₹4,000 crore.